according to todays Australian , the ALP still intends to tax or increase tax on super for wealthy Australians.
There are many problems with this , depending upon how and what they want to tax. Firstly , last time they wanted to tax super pensions they found it too difficult to legislate because there were just too many complexities.
Secondly , their definition of wealthy Australians will be cut to measure how much money they want to raise. If they get into power they will lower the bar and pretty soon their definition of wealthy will be lowered , thus giving us the continual messing around with super by politicians .
Once a person retires they have little control of the investment returns and certainly no annual increases . There will be good years and bad years. In the good years the Labor Govt will have its hand in our pockets , but in the bad years they simply wont want to know about it.
Many if not all retirees have already had a chunk of their super ripped out by the Govt before they retire via the contribution tax. Profits in the fund are taxed , and if they try and introduce a tax on super pensions , it will make Australia the highest taxing country in the world , and will defeat the whole purpose of super which is weaning people off the govt Centrelink pension.
The ALP has also said that they plan to reintroduce a carbon tax.
Looks like the elderly and retirees are going to cop it every which way if Labor get in.
Honestly we have some of the dumbest politicians in the world , and I might add on both sides of politics.
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